Metaplanet reported a sharp jump in first-quarter earnings as the Tokyo-listed firm deepened its Bitcoin-focused strategy under CEO Simon Gerovich. The company posted ¥3.08 billion in revenue for the quarter ended March 31, 2026, marking a 251% increase from a year earlier.
Operating profit also rose strongly, climbing 282.5% to ¥2.27 billion, even as Bitcoin price swings weighed on reported profits.
Gerovich said on X, “Metaplanet Q1 FY2026 Results Revenue: ¥3.08b (+251% YoY) Operating Profit: ¥2.27b (+283% YoY).” He added that the firm maintained a 73.6% operating margin and a 2.8% BTC Yield for the quarter. However, Metaplanet still posted a net loss of ¥114.5 million, which management attributed to Bitcoin valuation adjustments rather than operational weakness.
The Q1 loss already exceeds the company’s full-year FY2025 net loss of approximately ¥95 billion (driven by a ¥102.2 billion non-cash Bitcoin valuation write-down); a striking illustration of how rapidly mark-to-market accounting can swing the balance sheet of a Bitcoin treasury firm.
Bitcoin strategy drives corporate expansion
Metaplanet expanded its Bitcoin holdings during the quarter, increasing its total to 40,177 BTC as of March 31, 2026. As a result, the company remains the largest publicly listed Bitcoin holder outside the United States. Metaplanet purchased 5,075 BTC during Q1 2026 for approximately ¥~60 billion at a weighted average price of roughly $79,000 per coin. The company’s average cost basis across all holdings now sits at approximately $104,106 per BTC, meaning the holdings were carrying an unrealized loss of roughly 32% (approximately $490 million in paper losses) against cost at quarter-end, with Bitcoin trading around 46% below its all-time high. It also said it controls about 87% of all Bitcoin held by listed companies in Japan.
Moreover, the company raised capital through several funding rounds during the period. It issued ¥12.2 billion in new shares in February and another ¥40.7 billion in March. Additionally, Metaplanet used Bitcoin-backed credit facilities and Class B preferred shares to fund operations.
The company also introduced new financing tools, including mNAV-linked moving strike warrants. These instruments aim to adjust capital raising based on market conditions and share performance. However, they also reflect the company’s effort to manage dilution while continuing to increase its Bitcoin exposure per share.
Management linked the financing strategy to its broader Bitcoin treasury approach. It focused on maintaining accumulation even during weaker market conditions. The company avoided relying only on equity issuance, instead spreading funding across multiple instruments.
Market volatility pressures balance sheet
Metaplanet’s balance sheet weakened during the quarter as Bitcoin price declines weighed on asset values. As of writing, according to CoinMarketCap, the top cryptocurrency was trading at $81,211.57, up 0.45% in the last 24 hours. Total assets fell to ¥466.6 billion from ¥505.2 billion in December. Net assets also dropped 12.1% quarter over quarter to ¥402.9 billion.
However, the company kept its fiscal 2026 guidance unchanged, forecasting ¥16 billion in revenue and ¥11.4 billion in operating profit. Additionally, Metaplanet expanded its digital finance activities through an investment in stablecoin issuer JPYC and the launch of a U.S.-based subsidiary, Metaplanet Asset Management.
Japan is also advancing crypto regulation and tokenization frameworks, which form the broader backdrop for the company’s strategy.
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